RIMS, the risk management society, presented three organizations with the 2024 ERM Global Award of Distinction at RIMS ERM Conference in Boston. The Federal Retirement Thrift Investment Board, Paychex and Tennessee Valley Authority were awarded for developing exceptional enterprise risk management programs that aligned with business strategy, improved risk identification endeavors, empowered organizational decision-makers and embedded robust risk cultures across the enterprises.
ACORD Solutions Group announced a first-of-its-kind placing data exchange capability within its ADEPT data exchange platform. This one-to-many placing interface will act as a universal hub for exchanging placing data for insurers and brokers worldwide, connecting to all major placing platforms as well as a variety of downstream systems. Insurers and brokers leverage ADEPT Placing with its easily accessible and ready-to-use direct interface that connects with major platforms including PPL, Whitespace, PlacingHub and market firm-owned platforms such as Aon’s ABConnect and Guy Carpenter’s GC Marketplace.
Starr Insurance joined Octaviant and Marsh, the world’s leading insurance broker and risk advisor, in offering drug warranty services that enable pharmaceutical companies to stand behind the effectiveness of high-cost therapies. Octaviant will provide its drug warranties under the terms of the partnership through its subsidiary, Actuaria Insurance Services.
Root Platform has launched a new certified developer community program. The program aims to enhance scalability, efficiency and cost-effectiveness while strengthening Root's brand promise of delivering projects faster and more efficiently.
Risk Strategies has acquired the assets of Ohio-based employee benefits specialty organization Cornerstone Broker Insurance Services Agency, an Ohio-based national provider of employee benefits solutions. The sale also included the assets of ARC Benefit Solutions, which provides ongoing support to employee benefit clients. Terms of the deal were not announced.
World Insurance Associates acquired the business of First International Insurance, a division of First International Bank & Trust of Watford City, North Dakota, on October 1. Terms of the transaction were not disclosed. It also acquired the business of NorthStar Insurance Services of Needham, Mass., on July 1. Terms of the transaction were not disclosed.
Enterprise and A.D. Banker relaunched a continuing education course about rental reimbursement coverage for insurance professionals. The refreshed course includes new data and is now available in an on-demand, online format. With costs covered by Enterprise, the course offers a free opportunity for insurance professionals to complete credits toward retaining their license when using the Enterprise enrollment page, keeping agents informed on the latest insights and best practices, while equipping them with the knowledge necessary to sell rental reimbursement coverage.
Embri expanded its product offerings to include embedded bike and high-end tech insurance. These new additions complement Embri's existing embedded insurance solutions for luxury watches and high-value jewelry, making it easier than ever for retailers to launch insurance offerings to protect customers’ valuable possessions at the point of purchase.
Oak Reinsurance announced that its Lloyd’s Syndicate 2843 has received permission to underwrite business starting January 1. This follows the approval in principle that was received in September 2024.
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